Value and Exchange

The Austrian School of economics, also called the Viennese School of economics, was founded by Carl Menger in Vienna during the last third of the 1

The world had never seen government paper money until the colonial government of Massachusetts, 1690, writes Murray N. Rothbard (1926–1995).

Man the producer must have freedom, while man the predator puts limitations on freedom, writes Frank Chodorov (1887–1966).

Hutcheson brought to Scottish philosophy a solid belief in natural rights and in the beneficence of nature, writes Murray N.

From Part IV of A History of Money and Banking in the United States: The Colonial Era to World War II: “The Gold-Exchange Standard i

Precisely because value is subjective, voluntary trades are win-win situations. At the same time, market prices are objective measures of wealth, and these allow for rational economic calculation.

It was the physiocrats who broke with centuries of sound economic reasoning and contributed to what would become, in the hands of Smith and Ricardo

Crystal meth is a horrible drug, but it is also a cheap date, the poor man’s cocaine.

Past expenses incurred during the production of a good are completely irrelevant to the determination of the current price of a good. The market price of a good is determined solely by the relative valuations of goods and money by the buyers and sellers of the good.

Charles, the third Viscount Townshend (1700–1764), has been shamefully neglected by virtually all historians of economic thought.